Micro-financing gives businesses in troubled community a chance

By Gerald V. Paul

On Tuesday, history was created in the Jane and Finch area, as an enthusiastic Fashion Designer Cleoni Crawford, the first $5,000 recipient of the new Black Creek MicroCredit Programme, praised the visionaries for making it possible for her to build the neighbourhood, one business at a time.

“It’s a community coming together to build up their community,” York University, Department of Economics and the School of Public Policy, Professor Brenda Visano told The Caribbean Camera.

Professor Visano said that the programme will accommodate some 20 recipients in the near future.

The actual financing is according to the particular recipient’s need up to $5,000.

The Black Creek MicroCredit programme is a collaboration between York University, residents and agencies including the Youth Enterprise Network, in the Black Creek community, the ACCESS Community Capital Fund and Alterna Savings.

It will offer individuals, such as Crawford and her fashion line C-Virtue, in the greater Jane-Finch area, small loans to help establish or expand a business.

“This programme gives members of the community an opportunity to support neighbours who have unique business ideas but are unable by themselves to get loans because they have no credit rating, or a bad credit rating,” Professor Visano said.

Professor Visano leads the team of York students who have spent 3 years doing research to support development of the programme. The team researched what has prevented individuals from establishing their own businesses, the type of support they need, and how to design a loan programme to yield maximum benefit to the community.

Along the way, they learned that many residents already have the skills for businesses that the community needs, including clothing, design, child care and catering.

The Black Creek MicroCredit Programme will serve the residential area in the watershed of Black Creek, bounded by Steeles Ave to the north, Hwy 400 to the west and Hwy 401 to south and Keele St.